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Pier 1 Imports profit misses consensus by 21.8% in fiscal Q1

Pier 1 Imports Inc. said its normalized net income for the fiscal first quarter ended May 31 amounted to 16 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS fell 17.5% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $15.1 million, a decrease of 26.6% from $20.5 million in the first quarter ended June 1, 2013.

The normalized profit margin fell to 3.6% from 5.2% in the year-earlier period.

Total revenue rose 6.1% year over year to $419.1 million from $394.9 million, and total operating expenses grew 8.7% year over year to $393.2 million from $361.6 million.

Reported net income declined 25.1% on an annual basis to $15.3 million, or 16 cents per share, from $20.5 million, or 19 cents per share.